ANOTHER £250M PPI PROVISION AT RBS

Royal Bank of Scotland has added a further £250m ($400m) provision in the third quarter for its previous misselling of payment protection insurance (PPI), up from a £149m provision in Q2. For the year to date the total is £435m, down from £660m in the comparable period last year. The cumulative charge is now £2.6bn, of which £1.9bn has been paid either as compensation or in administration costs. Of the total provision, £2.3bn relates to compensation and £0.3bn relates to administrative expenses.